The source says part of this process involves speaking with family, friends, key political players in Chicago and former colleagues.
The source confirms Emanuel met with Rep. Jesse Jackson Jr. (D-Ill.) Wednesday night to discuss the race and some of the serious issues such as the financial crisis facing the city. More of these kinds of meetings are expected before Emanuel announces his decision.
Chief of Staff at the White House is a complicating factor, which does not allow for much free time to consider the future. Plus, Emanuel is a father of three children - a son and two daughters - and is believed to be concerned about the timing of a change and what could be a bruising campaign.
Mike Emanuel currently serves as chief congressional correspondent for FOX News Channel (FNC). He joined FNC in 1997 as a Los Angeles-based correspondent.